Enjoyoors user experience is effortless: Users deposit funds in protocol vaults, receive yield weekly, and request withdrawals anytime. While this might look similar to regular yield aggregators, it has fundamental differentiators: Users can earn a yield on almost any asset across a wide range of blockchain networks, while the protocol introduces a brand-new asset class, synthetic gigaAssets, that act as a proper yield proxy.

The actual ‘magic’ happens on the backend, and we call it rehypothecation. This process essentially boils down to unifying user deposits by minting gigaAssets and maximizing receivable yield through deployments of gigaAssets into broader DeFi verticals. Enjoyoors abstracts all this complexity from users, handling it on the protocol level. Let’s explore how rehypothecation works and see why user abstraction is the central pillar of protocol stability.

This paper gives a comprehensive overview of the Enjoyoors protocol, including its architecture design and key details of its implementation. Enjoyoors establishes a foundational infrastructure that liberalizes access to liquidity for a wide range of DeFi players.

All the protocol stability mechanisms discussed above are built upon a foundation of fundamental rules and parameters. These benchmarks are defined by a risk management framework that helps revisit all parameters every epoch and apply qualified adjustments if needed. These measures will allow the protocol to effectively control the stability of gigaAssets and the solvency of the entire system in the short and long run.

Let’s consider all the risks the Enjoyoors protocol addresses and identify respective strategies and rules for mitigating these risks.

Enjoyoors secures LP risks of users depositing funds into Giga CDP by covering potential losses with its insurance pool. To maintain liquidity in the insurance pool, the protocol collects InsuranceFee, a cut of all yield generated in the protocol.

There are two main risks the protocol avoids via insurance:

• Slashing risks in protocols where gigaAssets are deployed

• Risks of hacks resulting in losses of gigaAssets

In both cases, a user can expect compensation from the insurance pool to cover the loss of initially staked funds. If the insurance pool is insufficiently liquid, the protocol uses its native token treasury to cover potential losses.

In the worst-case scenario, if the insurance pool and token treasury are insufficient to cover the losses, users bear the loss collectively. They commit to repaying a fraction of the lost gigaAssets proportionally to their stakes in protocol vaults before being allowed to withdraw their initial deposits from vaults.

A straightforward way to look at Enjoyoor’s entire liquidity is to consider a portfolio of assets where collateral tokens have positive portfolio weights, and synthetic gigaAsset tokens have negative portfolio weights. With this portfolio analogy, we have the mighty modern portfolio management theory at our disposal, where we can build portfolios with different mean-variance characteristics, analyze asset correlations, pairwise cointegrations, and be very flexible regarding the portfolio objectives we target. As an example of a meaningful objective to pursue, consider the following risk optimization problem:

E.g. minimize the portfolio variance where one of the assets has a negative weight (mimicking synthetic debt). To illustrate, we’ve modeled a portfolio of 10 popular ERC-20 tokens and added ETH short to the portfolio to mimic debt in synthetic ETH. Here is how the portfolio performed on the unseen test set:

Interestingly enough, the optimal weight for the ETH short turns out to be around 0.53 or 53%. This is not achievable with collateralized portfolios, as the entire collateral value is only 47% of the portfolio. This is already not a collateral-backed synthetic system, but rather a synthetically hedged portfolio, and is extremely capital efficient. Yet such a portfolio is very hard to manage, as hedging always incurs additional costs. So, initially, Enjoyoors will operate as an overcollateralized system. We then aim to gradually migrate from an overcollateralized system to a hedged portfolio approach as we build liquidity and momentum.

Ultimately, the purpose of the entire protocol is to manage collateral risks and maintain the value of gigaAssets. As a part of this process, we must always ensure that the total value of user deposits adequately backs the circulating supply of gigaAssets. To achieve this, the protocol monitors portfolio LTV and takes corrective actions to restore it to the target level if LTV deviates outside acceptable ranges. Here are the protocol parameters that define its risk tolerance:

The protocol's stability hinges on two critical areas: portfolio management and gigaAsset supply regulation. Enjoyoors implements a toolset that far surpasses the capabilities of traditional CDP protocols in these fields. This chapter will examine the key factors behind its effectiveness and explore its precise functionality in detail.

The Giga Collateralized Debt Position (Giga CDP) is the central structural component of rehypothecation. It comprises all protocol vaults, with various assets deposited by users (acting as collateral) and a basket of synthetic gigaAssets issued against these funds by the protocol. The protocol has exclusive control over the Giga CDP, and this management function serves as its primary purpose.

Generally speaking, the concept of CDPs has already been extensively explored by such protocols as MakerDAO (now Sky) and Bitshares. In their cases, CDP functionality is available for any user who locks collateral in the protocol’s smart contracts, mints synthetic stablecoins pegged to USD, and commits to a certain level of collateralization for this newly minted stablecoin debt. The user’s CDP can be liquidated if its collateral value drops below the predefined threshold due to the volatility of collateral assets.

Enjoyoors’ Giga CDP is distinctly different from this retail-oriented approach. See how Enjoyoors compares with regular CDP-based protocols:

Enjoyoors achieves protocol stability and solvency through gigaAsset supply regulation. Supply regulation is an automated portfolio LTV management where the algorithm evaluates key LTV parameters across available assets and makes decisions regarding gigaAsset mints, transfers, and burns accordingly. Enjoyoors tracks the following LTV parameters:

Here is a high-level overview of how the algorithm functions in principle:

1. We keep PortfolioLTV in a [lowerLTVBound; upperLTVBound] band around TargetLTV:

   1. if PortfolioLTV > upperLTVBound: decrease gigaAsset supply so PortfolioLTV = TargetLTV. May involve TWAP wind down.

   2. if PortfolioLTV < lowerLTVBound: increase gigaAsset supply so PortfolioLTV = TargetLTV. May involve TWAP issuance.

2. We keep MarketLTV below an upperLTVBound:

If the above algorithm fails to find enough liquidity to wind down, the protocol temporarily reassigns an excess synthetic debt to the external liquidity for a fee:

1. Insurance Pool. Enjoyoors sets aside a fraction of the earned yield to accumulate in the insurance pool, which acts as liquidity of last resort. The pool's permissionless nature allows for further liquidity provision for a fee/rev share.

2. Protocol token staked in Governance. Under the anticipated tokenomics mechanics, users stake protocol tokens or Token/[ETH] DEX LP tokens to receive veTokens. The protocol may assign synthetic debt to this staked liquidity during adverse market conditions. veToken holders benefit by earning additional tokens through inflation and/or receiving boosted revenue shares (external yield from gigaAssets) when synthetic debt is allocated to them.

As a final line of defense, the protocol may decide to wind down liquidity in gigaAsset AMM pools. Backtesting and simulations in accordance with our risk framework showed that the initial TargetLTV parameter the Enjoyoors protocol will work with is 0.6 with 0.2 DeltaLTV, effectively clipping the LTV levels in the protocol in [0.4 … 0.8] range. The target and the delta will be re-evaluated once per epoch (see the table above).

Enjoyoors protocol requires up-to-date oracle prices to evaluate the collateral tokens and synthetic gigaAssets. Oracles will be integrated into the Orchestrator appchain. Enjoyoors will use several data sources, both public and private, to provide Orchestrator with timely information on collateral and synthetic debt assets. These sources include CeFi exchanges, DeFi exchanges, OTC markets, and our primary oracle providers (Pyth, ChainLink, and Redstone).

Available market data usually provides token prices in relation to USD or USD-pegged stablecoins. Enjoyoors implements adapters that price collateral tokens in corresponding synthetic debt assets and unify pricing and valuation across the system.

The price step and update frequency parametrize Oracle price feeds: By default, Enjoyoors will receive a price update that triggers Giga CDP re-evaluation every hour or if the token's price moves more than 1% (translating to ~ a 1% change in the LTV of the corresponding virtual market).

Recent developments in the RWA space make its exponential surge inevitable in the foreseeable future. Once this sector matures, we can anticipate a rapid influx of real-world value into the crypto market, with a high-level estimation of $16T worth of assets tokenized by 2030. T-bills and other fungible assets are sort of low-hanging fruit, and some developments on top of them are already making waves in crypto (Franklin Templeton’s RWAs are notable examples).

However, things are getting more complicated when it comes to other less ‘fungible’ assets. Most DeFi protocols still find it challenging to adopt these assets due to difficulties in standardizing their valuations and risk assessment. A lack of reliable data feeds that supply accurate and temper-proof data on RWAs adds to this complexity.

The Enjoyoors protocol essentially supports long-tail assets and doesn’t rely on regular DeFi liquidations through collateral sell-offs. Its more flexible design enables unifying non-standardized RWAs and deploying their value as gigaAssets to vanilla DeFi protocols. This approach can facilitate a real breakthrough in RWA adoption across the broader DeFi.

Target protocols are selected by Enjoyoors Governance based on a thorough evaluation of their potential rewards and associated risks.

Before allocating gigaAsset liquidity to target protocols, the Portfolio Management System queries the gigaCDP for details on the target and actual liquidity distribution ratios across different protocols.

To enable seamless interaction with target protocols, Enjoyoors implements Target Protocol Adapters.

The gigaAsset Bridge facilitates seamless transfers of gigaAsset tokens between supported blockchain networks and the ENJ MS. Utilizing the OFT standard from LayerZero, the bridge enables cross-chain transfers by burning gigaAsset tokens on one supported network and minting an equivalent amount on another.

Users are incentivized to transfer gigaAsset tokens across networks for various purposes, such as participating in auctions, settling debts resulting from losses in target protocols, and bridging deposit rewards to different chains.

The Enjoyoors protocol operates a distributed infrastructure across dozens of public blockchains, encompassing major EVM-compatible chains as well as popular non-EVM L1s. Most of these chains host Enjoyoors vaults for depositing crypto assets, while others feature a comprehensive gigaAsset infrastructure. Respectively, the gigaAsset infrastructure comprises the following main components: gigaAsset managers, gigaAsset liquidity pools, and Intelligent Peg Adapters (IPAs).

Vaults Vaults are smart contracts on end-user blockchains that serve as the primary interface between users and the Enjoyoors protocol. Users can deposit or withdraw whitelisted assets, subject to a two-period request-withdrawal system. Withdrawal requests are submitted during the current epoch, but funds are released in the next epoch after rebalancing.

Epochs, initially set at 7 days, balance the need for quick reactions to market changes with minimizing transaction costs and aligning with unstaking periods. If “bad debt” arises from slashing in restaking protocols, it is redistributed among collateral holders, reflecting their role as ultimate yield earners and risk bearers.

gigaAsset Managers gigaAsset managers are smart contracts deployed across supported blockchains to manage gigaAssets. They:

underscores the paramount importance of robust security mechanisms to safeguard the integrity and confidentiality of transactions on its network. To this end, the following strategies are poised to be implemented.

Advanced Cryptographic Algorithms State-of-the-art cryptographic algorithms will ensure the utmost safety of transactions. These algorithms are designed to act as the first line of defense against unauthorized access and cyber threats, providing a secure environment for users and developers alike.

Multi-Layer Security Protocols Additionally, will establish multi-layer security protocols to further fortify the network. This initiative entails the systematic development of barriers at various levels of the platform, providing an additional layer of protection against potential vulnerabilities.

Regular Audits and Security Assessments To maintain the highest standards of security, Enjoyoors Protocol will schedule regular security audits and assessments. These evaluations will be instrumental in identifying and mitigating potential weaknesses in the system, fostering a proactive approach to security that is critical in the blockchain sphere. The list of audits will be provided here once published in the project's Github (TBA).

The orchestrator is the central hub of the Enjoyoors protocol. From an architectural standpoint, we envision the orchestrator as an application chain that hosts and manages several core elements of the Enjoyoors protocol:

• Giga CDP which controls the supply and the distribution of gigaAssets.

• Portfolio Management System manages the Giga CDP in a semi-automated fashion according to governance-set risk objectives. It also decides on synthetic portfolio rebalancing based on governance-set target protocols and allocation weights. Makes synthetic supply management decisions based on governance-set risk parameters (LTV target and ranges, collateral supply caps).

The architecture of the consists of four fundamental layers: Execution Layer, Data Layer, Consensus Layer, and Settlement Layer. Each of these plays a crucial role in maintaining the protocol's efficiency, security, and scalability.

Execution Layer This layer is responsible for executing computations on the blockchain. Within the Enjoyoors ecosystem, it efficiently processes transactions and executes smart contracts while ensuring security and performance.

Data Layer The data layer handles the storage and management of all information within the blockchain network. Key aspects of this layer include data integrity and accessibility. By leveraging decentralized storage networks, this layer enhances redundancy, retrieval efficiency, and overall security, which contributes to the scalability and reliability of the ecosystem.

Consensus Layer This layer is essential for maintaining the security and integrity of the blockchain. It defines the validation rules and processes for adding new blocks to the chain. Given Enjoyoors’ interoperable approach, selecting a consensus mechanism that enables cross-chain communication is a strategic priority. A hybrid consensus model, combining Proof-of-Stake (PoS) with additional consensus methods, is under evaluation to ensure both security and seamless cross-chain transactions.

Settlement Layer The settlement layer is responsible for the finalization of transactions within the blockchain. In an interconnected environment, this layer must be robust to facilitate fast and secure settlements across multiple chains.

Blockchain Networks component list:

Enjoyoors protocol requires up to date oracle prices for valuation of the collateral tokens and synthetic gigaAssets. Oracles will be integrated into the Enjoyoors will use several data sources, both public and private to provide timely information on collateral and synthetic debt assets to the orchestrator. These sources include CeFi exchanges, DeFi exchanges, OTC markets as well as our primary oracle providers: Pyth and ChainLink.

Available market data usually provides token prices in relation to USD or USD-pegged stablecoins. Enjoyoors implements adapters which price collateral tokens in corresponding synthetic debt assets and unify pricing and valuation across the system.

Oracle price feeds are parametrised by the price step and update frequency: By default, Enjoyoors will receive a price update that triggers re-evaluation every 1 hour or if the price of the token moves more than 1% (translating to ~1% change in LTV of the the corresponding market).

Enjoyoors operates with epochs, a foundational feature for its protocol operations. An epoch is a specific time frame during which the protocol state remains constant under normal conditions. Throughout an epoch, key protocol parameters remain static as defined at the beginning of the epoch, while gigaAssets remain allocated to target protocols based on the initial distribution (unless urgent circumstances arise, such as immediate liquidity rebalancing or user withdrawals).

The duration of an epoch is a parameter determined by Governance. A seven-day period is currently considered the most reasonable, although this can be adjusted through governance voting.

Before the start of a new epoch, the protocol reassesses its key parameters. The risk management framework recalculates gigaCDP parameters, while DAO input and factual yield assessments are used to review the list of target DeFi protocols and their corresponding allocation weights.

Epochs also impact deposits and withdrawals. Deposits begin accruing yield starting from the epoch following the one in which the deposit was made. Similarly, withdrawals can only be claimed at the end of the epoch following the one in which the withdrawal request was submitted.

Epochs are a foundational feature of the Enjoyoors protocol. An epoch is a specific time frame during which the protocol state remains constant in normal conditions. During one epoch, key protocol parameters remain static as they were defined before the beginning of the epoch. At the same time, gigaAssets sit in target protocols according to the initial distribution (unless some urgency occurs—immediate liquidity rebalancing, user withdrawals, etc.).

Epoch duration is also a parameter defined by governance. The most reasonable period for the epoch seems to be seven days, though it can be amended through governance voting in the future.

Before the next epoch starts, the protocol revisits its key parameters: the risk management framework helps recalculate Giga CDP parameters; DAO and factual yield assessment help revisit the list of onboarded target DeFi protocols; DeFi protocols from the list obtain weights to receive gigaAsset distribution accordingly, etc.

Epochs directly impact deposits and withdrawals, too. Deposits start accruing yield from the beginning of the epoch, followed by the one when the deposit was made. Similarly, withdrawals can be claimed at the end of the epoch, followed by the epoch when requested.

This paper gives a comprehensive overview of the Enjoyoors protocol, including its architecture design and key details of its implementation. Enjoyoors establishes a foundational infrastructure that liberalizes access to liquidity for a wide range of DeFi players. With this important mission in mind, we would like to conclude by sharing some aspects of our strategic vision for the protocol’s potential development pathways.

As the protocol deploys gigaAssets to various DeFi verticals and protocols, the resulting yield originates in various tokens or even points. Managing this dispersion of assets would be highly inconvenient for Enjoyoors users, so reward auctions are designed to streamline the process and enhance the user experience.

In a nutshell, reward actions are smart contracts deployed on supported blockchains that periodically auction off accumulated rewards for gigaAssets on behalf of the orchestrator. Auctions offer tokens and points to participants who bid to acquire them at a fair price nominated in gigaAssets. If points are non-transferable, auction participants should wait until the protocol claims token rewards in exchange for points distributed to them afterward.

Here is a diagram that illustrates the flow of reward auctions:

1. The Target Protocol generates rewards and sends them to the Rewards Treasury.

2. The Rewards Treasury emits the corresponding event.

3. The Relayer reads the event from Rewards Treasury.

4. The Relayer reaches a consensus.

5. The Relayer broadcasts signed transactions to the Auction.

6. The Participant starts an auction.

7. The Participant makes a bid for open lots.

8. The Auction chooses the auction winner.

9. The Participant receives a reward voucher for winning the auction.

10. The Auction issues a reward voucher for the winner (Participant).

11. The Auction sends a portion (determined by Governance) of gigaAssets to the Insurance Pool.

12. The Auction sends gigaAssets to gigaCDP. These funds are distributed to the depositors as rewards for their participation.

13. The Winner (Participant) redeems rewards using a reward voucher from Treasury.

AVS Relayer component list:

Running on top of the Orchestrator AppChain, the Enjoyoors Management System will be governed by the Enjoyoors native token. The token facilitates decisions regarding gigaAssets liquidity deployments to target protocols, configuring core system parameters and stakes for stability, and maintaining system security.

The system’s foundation lies in its open-source nature, which enhances transparency and security while enabling iterative improvements. This openness encourages active participation from the developer community, facilitating problem resolution, system enhancements, and fostering trust in its operations.

The Enjoyoors Management System is integrated with a wide range of blockchains through AVS Relayers, including major EVM-compatible networks and popular L1s. Leveraging its proprietary interchain communication protocol, Enjoyoors ensures secure and trustless data. This seamless interaction with oracle systems and external users enables the protocol to operate efficiently across diverse ecosystems.

Target Protocol Adapters are smart contracts that act as dedicated adapters for managing liquidity within specific protocols. These adapters receive commands from the gigaAsset Manager to allocate gigaAssets to their respective target protocols and serve as the execution layer for liquidity operations. When liquidity needs to be rebalanced or redirected, the adapters facilitate the withdrawal of gigaAssets.

Adapters also periodically claim rewards earned from target protocols and transfer them to the Rewards Treasury.

The gigaAsset Manager is a smart contract responsible for managing the circulating supply of gigaAssets. It receives commands from the Portfolio Management System via a cross-chain relayer, directing liquidity to target protocols. Additionally, it allocates a portion of the liquidity to the Intelligent Peg Adapter (IPA) for deposits into AMM pools.

The Portfolio Management System periodically assesses and decides on the rebalancing of liquidity across various protocols. It sends corresponding commands to the gigaAsset Manager, which withdraws gigaAssets from specific protocols and reallocates them to others. The system also ensures that the circulating supply of gigaAssets maintains both per-asset and system-wide LTV (Loan-to-Value) levels within predetermined ranges.

The gigaAsset Manager plays a crucial role in maintaining the peg of gigaAssets. To keep the gigaAsset aligned with its target value, it interacts with the Intelligent Peg Adapter. If the price of a gigaAsset deviates from the target value, the gigaAsset Manager can either mint additional gigaAssets for AMM pool or withdraw them from the pool.

The gigaAsset Manager does not make decisions independently; it strictly executes commands from the Portfolio Management System.

Main Operations of the gigaAsset Manager:

• Mint gigaAssets

• Burn gigaAssets

• Stake liquidity in target protocols

• Unstake liquidity from target protocols

The Vault is a non-upgradeable smart contract deployed across various blockchain networks, enabling stakers to deposit tokens from a predefined list of approved assets.

Deposit details, including staker accounts and token data, are relayed to the gigaCDP through the cross-chain relayer. The gigaCDP then utilizes the deposits as collateral to determine the amount of gigaAssets that can be minted. It aggregates user deposits, building a pool of liquidity (in gigaAssets) that the protocol can allocate across various target protocols to earn rewards. As an incentive, the rewards are distributed to stakers in gigaAssets, encouraging participation and liquidity provision.

Main Vault Operations:

• Deposit The Vault provides a single entry point for Enjoyoors users, allowing them to deposit whitelisted assets.

• Withdrawal Users submit withdrawal requests during the current but perform actual withdrawals at the start of the next , after the protocol has completed all necessary rebalancing.

• Claim The evaluates stakers' positions to determine whether a withdrawal request is possible. If so, it generates a voucher that stakers can use to redeem their tokens on supported blockchains.

Interchain communication enables the orchestrator appchain to interact with Enjoyoors' blockchain infrastructure in a trustless, secure, and dynamic manner. At launch, Enjoyoors will support:

• Ethereum and top 10 L2s: Arbitrum, Base, Polygon, Optimism, Linea, and others.

• High-TVL chains: Solana, Aptos, Sui, Sei, TON.

• Other L1 chains: Near, Cosmos, Stellar, Cardano, Polkadot

As the protocol matures, more networks and assets will be added. To handle diverse interchain communication, Enjoyoors has developed its own interchain communication protocol that is extensible to a full-scale cross-chain lending and borrowing facility.

The protocol uses specialized messages for token transfers and attestations, ensuring accurate execution on destination chains. Relayers facilitate this process.

Relayers are intermediary services observing blockchain events and securely transporting data to/from the orchestrator appchain. Implemented as restaking Actively Validated Services (AVS), relayers:

• Monitor vault interactions and blockchain events.

• Capture events, form messages, co-sign them using MPC, and send them to the orchestrator appchain.

• Use their private key shares via an MPC scheme to trigger specific smart contract methods:

  • Minting/Burning synthetics for system stability.

This architecture ensures secure, efficient interchain operations for Enjoyoors.

The AMM pool is a smart contract within an existing external exchange liquidity pool, enabling users to exchange gigaAssets for other assets. Each pool is specifically deployed for a gigaAsset and the corresponding asset to which the gigaAsset's price is pegged (e.g., gigaETH/ETH). AMM pools provide liquidity and help maintain the stability of gigaAssets, ensuring users have access to efficient trading.

The majority of the pool's liquidity is supplied through the Intelligent Peg Adapter (IPA) smart contract, which maintains a reserve of minted gigaAssets that can be deposited into the pool when an equivalent amount of the quote token is provided.

The deployment of AMM pools across different blockchain networks will be determined by the protocol's Governance. At the product launch, the first pool will be a Curve Pool for gigaETH, paired with ETH and/or one of its highly liquid representations (LRT or LST). As the protocol evolves and supports more synthetic assets, additional pools will be deployed.

Considering the protocol's ultimate omni-chain nature, the most pertinent question about its architecture is the extent of its decentralization. How non-custodial and permissionless it truly is, and whether users should be concerned about the safety of their funds. Given a greenfield opportunity to design Enjoyoors, we chose to develop an architecture that addresses potential concerns such as these, ensuring the protocol is both fairly decentralized and effective.

With this intention, we restricted client-facing vaults to only accepting funds and releasing them back to depositors, prohibiting transfers to third-party addresses or any bridging functionality. Additionally, we limited the permissions of protocol components that orchestrate vault operations and outlined a roadmap for fully decentralizing orchestration. Have a look at a high-level overview of the eventual protocol architecture:

Now, we would like to consider each component separately and expand on their functionality.

Launching the L3 sidechain is an essential milestone toward the complete decentralization of orchestrating Enjoyoors vault. The Appchain will hold the actual state of important static and dynamic protocol parameters, while further actions (rebalancing, commands to vaults, etc.) will also be transparently reflected on the sidechain.

The AppChain can accept future deployments of third-party smart contracts, opening up a promising opportunity to create a full-scale DeFi ecosystem based on the Enjoyoors Orchestrator AppChain. With its extraordinary TVL potential, Enjoyoors can offer liquidity support on demand and become a home for highly liquid DeFi products.

Advantages of running own L3:

1. Saving on fees – many transactions will be free - L3 solutions significantly reduce transaction costs, as most operations are executed off the main chain and then aggregated for confirmation on L2 or L1. - In some cases, transactions can be entirely free due to subsidization or other fee-covering mechanisms.

2. Low-cost transactions – crucial for auctions - High gas costs make auctions (e.g., NFT sales or MEV strategies) less accessible to users. L3 solves this problem by offering near-zero fees. - L3 can implement specialized transaction pricing models, such as fixed minimal fees or payments in ecosystem tokens.

Relayers serve as a transport layer between and various supported blockchain networks. Their primary function is to monitor events occurring across connected networks and securely transmit information cross-chain. Message recipients (smart contracts on supported blockchain networks and modules) process the messages and make decisions based on the message payload.

To ensure the security of all transmitted messages, Relayers sign each message using their cryptographic keys, guaranteeing the authenticity and reliability of the data.

Relayers leverage restaking infrastructure and are deployed as an Actively Validated Service (AVS ) to enhance security and operational consistency.

By acting as a secure and efficient bridge, Relayers ensure seamless communication between the and supported blockchain networks. Relayers transmit information related to the following operations within the Enjoyoors protocol:

Intelligent Peg Adapters (IPAs) are specialized smart contracts designed to maintain the stability of the peg. Each IPA serves as a dedicated adapter to seamlessly communicate with the corresponding approved by Governance.

The pre-allocates a supply of by minting them directly to the IPA. When quote token liquidity is provided by liquidity providers, the IPA combines it with its available to deposit both tokens into the at a one-to-one ratio. This ensures the pool remains balanced and supports efficient trading between the tokens.

The IPA employs a combined mechanism to maintain peg stability during price deviations from the target range:

• If sufficient liquidity is available in the contract, it can perform token swaps to adjust the peg. This mechanism directly impacts the token reserve amounts in the pool, bringing the peg back to the target range.

The Governance module operates as a DAO, serving as the protocol's decision-making authority, where holders of governance tokens actively participate in managing the protocol and ensuring its security through transparent and democratic processes. To participate in voting and governance of the protocol, token holders must stake their tokens in the .

At its core, this module is responsible for defining parameters that maintain the protocol's stability and efficiency. Its responsibilities include:

• Determining which tokens to accept and in which blockchain networks.

• Setting parameters related to .

Volatility Risks

Affects: Сritical LTV

Enjoyoors needs a robust measure to identify collateral portfolio constituents' losses in the worst-case scenario. Enjoyoors uses statistical bootstrap to gauge the volatility risk and to calculate critical LTV levels (discounts):

• Generate return distribution of the collateral asset in question.

gigaETH is a synthetic version of ETH minted by the Enjoyoors protocol. It's backed by user deposits and used by the protocol to earn yield in DeFi (like restaking or lending).

Token Details for Monad Testnet:

• Ticker: gigaETH

Enjoyoors takes your privacy very seriously. Please read the following to learn more about Enjoyoors' Privacy Policy (“Policy“). This Policy details how Enjoyoors receives, collects, and uses information in connection with your visits to (and all associated resources, subdomains or otherwise related web pages (the “Website“).).

What personal information do we collect from the people who visit our blog, website, or app?

When using our site, you may be asked to enter your name, email address, or other details to help you with your experience.

1. Acceptance of Terms

These terms and conditions (the “Terms”) apply to the Enjoyoors protocol and software (the “Protocol”), the tools available at and all associated resources, subdomains or otherwise related web pages (collectively, the “Website”) which include texts, images, audio, code, and other materials (collectively, the “Content”) and all of the features and services provided therein. The Protocol is the decentralized application built on public L1/L2. The Website, the Protocol, and any other features, tools, materials, or services offered from time to time are referred to here as the “Services.” Please read these Terms carefully before using the Protocol. By using or otherwise accessing the Protocol, or by clicking to accept or agree to these Terms where that option is made available, you (1) accept and agree to these Terms and (2) you accept and agree to any additional terms, rules, and conditions of participation that may be issued, made available on the Website or notified to you from time to time. If you do not agree with the Terms, then you may not access or use the Content or Protocol.

Deposit process step-by-step:

1. External user deposits supported assets into the via .

2. The emits corresponding event.

3. The reads the emitted event from .

Enjoyoors is a novel omniasset liquidity primitive. Stake anything, earn yield, and, for DeFi products, tap into a rich source of liquidity.

Enjoyoors unlocks the yield and staking potential of any crypto asset and provides a Liquidity Mainline for DeFi products to tap into a new, powerful source of liquid value from all over Web3.

The protocol introduces a foundational infrastructure that allows any product to succeed in liquidity competition. The Liquidity Mainline nourishes everyone with Enjoyoors liquidity — whether it is a staking protocol, DeFi protocol, or entire blockchain ecosystem.

With Enjoyoors, we aim to eliminate existing liquidity inefficiencies, enabling myriad capital opportunities, including:

• Generating yield on any underutilized asset: governance tokens, LP tokens, LRTs, etc.

• Linking underserved ecosystems to trending yield and staking opportunities

• Sourcing new liquidity for crypto-economic security in restaking protocols

• Helping legit protocols bootstrap TVL at scale

• Introducing new opportunities for major market makers and AMMs

The protocol will operate the Liquidity Mainline, a trustless decentralized liquidity agent lending its helping hand to any application or protocol competing for TVL. It ensures that the actual value of a diverse crypto portfolio, which users stake in Enjoyoors, is routed to places where it is needed most and earns the most yield. To make this possible, Enjoyoors works as an actively managed Giga CDP that rehypothecates the value of user-deposited assets in the form of gigaAssets. These synthetic assets are softly pegged to well-known cryptocurrencies, such as ETH and BTC, and get deployed to yielding pools and protocols across DeFi.

Enjoyoors aims to deploy gigaAssets to external protocols that pay yield on staking or lending. This approach aligns well with the rising competition for liquidity across the DeFi space. More restaking protocols enable various ERC-20 tokens for staking in their pools besides traditional liquid wrappers of staked ETH or other base currencies. Relevant examples are Symbiotic or Karak here. Even conservative EigenLayer was testing permissionless ERC-20 token support recently (according to )

Enjoyoors aims to maximize potential earnings on top-300 cryptocurrencies by picking protocols with the highest rewards on deployed gigaAssets while neglecting the risk. Indeed, all restaking protocols mentioned above are potential targets as well as other players offering other DeFi services like lending or yield farming. The Enjoyoors protocol transfers a cut of all yield (InsuranceFee) to the Insurance pool. In contrast, the remaining yield lands in Giga CDP and becomes available to users pro rata their stakes in the collateral basket.

Protocol design introduces robust decentralized mechanisms to guarantee the protocol's security and maintain the value of gigaAssets it issues. This document covers the main principles of the protocol architecture and some details of its implementation.

To streamline protocol-level CDP management, Giga CDP is considered a decentralized portfolio. This portfolio comprises collateral in various tokens and liabilities in various gigaAssets, all across multiple blockchains. Collateral weights are positive, while liability weights are negative.

The protocol operates an internal accounting system built on top of this decentralized portfolio, which serves as the foundation for all liquidity management within the Giga CDP. This accounting system breaks the overall portfolio into segregated virtual markets parametrized by the $C-$D pair ($C - collateral asset, $D - synthetic gigaAsset). In simple words, the system links a specific part of the gigaAsset $D supply to a defined fraction of a particular vault containing the collateral asset $C. The diagram below illustrates the relationship between vaults and virtual markets:

Each virtual market is characterized by its market LTV parameter, defined as the ratio of the total gigaAsset $D issued in this market to the total amount of collateral asset $C virtually allocated to it. Other essential parameters that Giga CDP constantly tracks include average system LTV, total collateral, and total synthetic debt.

A combination of these parameters lay in the foundation of the portfolio management system. Its central feature is ensuring the protocol solvency and targeting a certain level for the overall portfolio LTV.

LPs (so-called enjoyoors) provide liquidity to the protocol by depositing their crypto assets into deployed across a wide range of blockchain networks. In return, they earn yield nominated in without additional effort from their end.

At the heart of the protocol is the (ENJ MS), a decentralized governance and decision-making system. It manages a decentralized portfolio defined by $C-$D pairs ($C - collateral asset, $D - synthetic ), ensuring accurate tracking and evaluation. Playing a pivotal role in determining the amount of to mint, it also makes decisions on their allocation across various target protocols within a wide range of blockchain networks.

We will run ENJ MS on our proprietary blockchain network (L3) at the later stages of development, enabling complete decentralization of the Enjoyoors protocol. Running the proprietary Enjoyoors network opens up a promising opportunity to build the entire DeFi ecosystem on top of it. We will touch on the technical aspects of this L3 in the .

The is a specialized service deployed as an Actively Validated Service (AVS) on a prominent restaking platform that facilitates seamless communication between the

The Insurance Pool serves as a reserve fund, accumulating resources from the rewards distributed through completed auctions. When an auction concludes and a winner is determined, a portion of the gigaAsset tokens collected from the winning bid is allocated to this pool. These funds are specifically reserved to cover potential losses that may occur during the protocol's operations.

In addition to gigaAssets, governance tokens staked within the protocol may also serve as a reserve fund. These tokens can be used to pay rewards to stakers and address other potential losses, further enhancing the protocol's resilience and sustainability.

gigaCDP is a central module of the , responsible for aggregating and managing user deposits across multiple blockchain networks. It plays a crucial role in determining the amount of to be minted based on the collateral provided by users. This module functions as a DAO-managed portfolio of assets and liabilities, tracking the status of all collateral assets and synthetic obligations while maintaining Loan-to-Value (LTV) ratios to ensure protocol stability.

gigaCDP stores aggregated records of all user deposits within the protocol, regardless of the blockchain network in which they were made. These deposits are treated as collateral and are used to open CDPs (collateralized-debt positions).

The module stores predefined average LTV ratios for tokens supported by the protocol. gigaCDP calculates the maximum amount of gigaAssets that can be minted based on the LTV, ensuring the minted supply is always backed by sufficient collateral.

gigaCDP also facilitates the distribution of rewards earned from . The rewards are auctioned for before being distributed to External users. The obtained from these auctions are then used to reward External users based on their deposits, incentivizing active participation in liquidity provisioning within the protocol.

When External users want to claim their assets, they submit withdrawal requests to

The Rewards Treasury is a smart contract designed to accumulate rewards earned from interactions with . It serves as a vault for managing rewards, ensuring they are securely stored and transparently distributed.

Rewards earned through liquidity provision are claimed and routed to the Rewards Treasury. These rewards may include tokens, points, or other assets provided by Target Protocols as incentives for liquidity participation.

Information about the rewards is relayed to the within the , which facilitates auctions where participants compete for the opportunity to claim the rewards. The winner of an auction receives a voucher specifying the exact amount of rewards they can redeem. This voucher can then be used to claim the rewards stored in the Rewards Treasury.

The Portfolio Management System (Portfolio MS) is a core module responsible for managing the allocation of liquidity across the protocol. By leveraging the actual and target gigaAsset ratios from the gigaCDP, it ensures an up-to-date understanding of the available liquidity. Using this information, Portfolio MS directs liquidity to target protocols selected for their potential to generate rewards, aligning with allocation weights, parameters, and target protocols defined by Governance.

When the actual and target levels of gigaAssets fall outside of predefined acceptable bounds, Portfolio MS initiates a rebalancing process to maintain protocol stability. This process may involve withdrawing liquidity from certain protocols through the gigaAsset Manager and burning excess gigaAssets to reduce the circulating supply. Alternatively, when more liquidity is needed, a request can be sent to the gigaAsset Manager to mint more gigaAssets and allocate them to the selected protocols.

In addition to target protocols, the Portfolio MS allocates a portion of gigaAssets to AMM pools to ensure that sufficient liquidity is available for users.

Withdraw process step-by-step:

1. External user sends withdrawal request to the Vault via enjoyoors.xyz.

2. The Vault emits a corresponding event.

3. The Relayer reads the emitted event from Vault.

4. The reaches consensus.

5. The signs and transmits a message containing withdrawal details to the

6. The adds withdrawal request to the queue.

7. The processes the queue in the next epoch and closes / updates a collateralized debt position (CDP).

8. The aggregates CDPs to calculate actual and target circulating supply of

9. The emits corresponding event.

10. The reads the emitted event from .

11. The recalculates portfolio allocations to target protocols and based on the new circulating supply of .

12. The decides on liquidity rebalancing base on new portfolio allocation details.

13. The emits corresponding event.

14. The reads the emitted event from

15. The reaches consensus.

16. The signs and transmits a message containing rebalancing details to the .

17. The External user requests a claim voucher from the . The claim voucher allows External user to redeem his assets from the .

18. If the External user has debt External user will receive message from with claim rejection and debt details.

19. The External user goes to and buys to repay the debt.

20. The External user repays debt in .

21. If the External user doesn't have debt he receives claim voucher from .

22. The External user receives assets from by using claim voucher.

Another promising direction to explore is creating a full-scale DeFi ecosystem based on the Enjoyoors Orchestrator AppChain. The AppChain will operate on top of an established sidechain SDK and can accept future deployments of third-party smart contracts. With the extraordinary TVL potential, Enjoyoors can offer liquidity support on demand and become a home for highly liquid DeFi products.

Supporting this direction, the market lately saw a few successful launches of new blockchain ecosystems based on existing appchains tailored originally for specific projects. Hyperliquid is probably the most exciting benchmark that conducted an ultra-successful community-driven launch, followed by exponential growth to the impressive $9.72B market capitalization at its peak as of writing.

Talking about particular projects that could take the most advantage of launching on Enjoyoors, we can distinguish the following categories:

• Money markets

• AMMs

• Synthetic asset protocols (decentralized stablecoins and others)

• RWA projects

• Restaking / shared security protocols

Projects rolled out in the Enjoyoors DeFi ecosystem can expect gigaAsset liquidity injections and vast staking opportunities for assets they emitted.

The Auction module facilitates the distribution of rewards to protocol depositors. It operates as follows: collects rewards from . Once these rewards are gathered, transmits the necessary information to the Auction module within the . This module allows any user to initiate an auction and place bids, exclusively using tokens. Users can acquire these tokens through on supported blockchain networks and then bridge them into the using the specialized

At the conclusion of an auction, the winner receives a voucher specifying the blockchain network and the exact quantity of rewards they are eligible to claim. This voucher can then be redeemed at to access the rewards.

The majority of the gigaAsset tokens collected from winning bids are distributed to protocol depositors as rewards for providing liquidity. A smaller portion is allocated to the to ensure the protocol's sustainability and security.

In conclusion, we would like to outline the key priorities for our future efforts to ensure the Enjoyoors protocol’s success and establish it as a foundational component of the crypto space.

Firstly, we are committed to the maximum possible decentralization of the Enjoyoors protocol and will take all necessary actions to foster this mission. The first step toward decentralization for Enjoyoors was designing trustless vaults that are secure and immune to being compromised or drained by transferring user funds to third-party addresses. The next logical step in this critical path is to advance vault orchestration, such as transitioning to AVS and further developing the proprietary L3 network. Lastly, enhancing and decentralizing protocol governance is crucial, ensuring Enjoyoors DAO remains transparent and accessible to everyone who wishes to voice their opinions.

Another key priority for us is excelling in the protocol's cyber security. We have engaged several prominent security audit firms to perform continuous audits of our code base. These partners were meticulously handpicked for their expertise in auditing specific tech stacks and their proven track records. All production vaults and system components are thoroughly tested with extensive coverage and undergo rigorous security audits before deployment. Additionally, the protocol incorporates an automated real-time monitoring system that tracks all activity across Enjoyoors, and it can suspend the protocol’s operations if suspicious actions are detected.

We prioritize openness and inclusivity in Enjoyoors. Instead of forming alliances or being biased against specific ecosystems or projects, we set transparent rules and criteria for potential partners that may engage with the protocol. All new assets or protocols can pass transparent voting by Enjoyoors DAO and be added to the protocol vaults or become eligible for gigaAsset deployments. The above rules in conjunction with the protocol’s risk framework that we covered above ultimately guide the DAO's decisions.

Last but not least, we put our community at the forefront. Our strategic goal is to keep community members informed and educated about the technology behind Enjoyoors and all further developments. For these reasons, we will continuously create articles and other educational content, host regular interactive community events (community calls, AMAs, etc.), and conduct webinars and workshops. We are dedicated to providing real-time community support through social channels like Telegram and X, ensuring that all news and updates are shared promptly as they become available.

Another essential factor for successful gigaAssets adoption is the establishment of secondary markets with deep liquidity for gigaAsset swaps. As the first step, new stableswap pools will pair each gigaAsset with a respective underlying cryptocurrency. To simplify liquidity bootstrapping, we opted to use the final asset in the restaking chain, which is not exposed to additional yield opportunities, as the quote asset. For example, gigaETH will be paired with one of the popular Liquid Restaking Tokens (LRT) instead of native ETH, which is extremely hard and expensive to bootstrap.

In the second step, the protocol will incentivize liquidity providers who bring quote assets to the special module called Intelligent Peg Adapter (IPA). This module adds gigaAssets equivalent to the quote asset contributions from LPs and deploys the resulting liquidity to stableswap pools. All revenue generated in the pools through swaps and staking their LP tokens (e.g., in Convex), alongside additional rewards allocated in the Enjoyoors tokenomics, will be funneled to LPs of quote assets.

In addition to the Curve adapter described, the protocol will operate multiple other IPAs to connect Enjoyoors with external DeFi protocols seamlessly. The IPA design was inspired by Frax’s AMO, which has successfully proven its efficiency. Details of its implementation will be explored in the system architecture section below.

Each gigaAsset token corresponds to a synthetic representation of the respective crypto asset (e.g., gigaETH, gigaBTC, etc.). Initially, the protocol will focus on issuing gigaAssets for major cryptocurrencies such as ETH, BTC, and others.

The gigaCDP governs their issuance and management. This core module tracks user deposits into Vaults and regulates the actual and target supply of gigaAsset tokens to be minted by the gigaAsset Manager. The protocol employs various mechanisms to maintain the price of a gigaAsset equal to that of its corresponding fundamental cryptocurrency, such as ETH.

The gigaCDP uses user deposits as collateral to mint gigaAsset tokens while ensuring that the protocol maintains a safe Loan-to-Value (LTV) ratio. This guarantees that every issued gigaAsset token is fully backed by the aggregated value of user positions.

gigaAssets serve as an excellent liquidity source for target protocols, which are selected by Governance based on their potential to deliver attractive returns.

Users can acquire or exchange gigaAsset tokens through AMM pools available on supported blockchain networks.

Overview

The Vault is the primary smart-contract deployed across all networks supported by Enjoyoors. It's main function is to collect tokens allowed for deposits into the protocol from users. Users who have staked their tokens can request withdrawals at any time.

The Withdrawal Approver is a smart-contract responsible for managing the withdrawal logic of tokens staked in the Vault. The address of this contract is provided to the Vault and can be updated to any other implementation that adheres to the required interface. In the current implementation, the contract administrator sets the withdrawal delay period (in seconds), which defines the time required to complete a withdrawal after it has been requested.

Methods

1. deposit - this method allows stakers to stake tokens supported by the protocol. It accepts the token address and the amount as parameters.

2. requestWithdrawal - this method must be called to initiate the withdrawal of staked tokens. It requires the token address and the amount as parameters. In response, a WithdrawalRequested event containing the requestId will be emitted.

3. claimWithdrawal

Contract addresses

ABI

GitHub Repository

This section examines the risks associated with potential adverse market conditions that could impact the protocol's portfolio of assets. Since these risks are external and unavoidable, Enjoyoors must be thoroughly prepared to mitigate their effects and maintain resilience if they materialize.

We already touched on Intelligent Peg Adapters (IPAs), specialized contracts set to maintain the stability of the gigaAsset peg. The first IPA the Enjoyoors protocol will support is the Curve Pool IPA. It can deposit or withdraw gigaAssets from a number of gigaAsset liquidity pools approved by governance.

IPAs hold a pre-allocated supply of gigaAsset tokens for peg stabilization efforts. IPA may provide gigaAsset to the pool if the following requirements are met:

• Providing is not paused.

• gigaAsset price is above 1.0 (in relation to the underlying) or has been consistently above 1.0 over a specified period defined by a protocol.

• Price consistency check: the current AMM state price and oracle price of the synthetic must be within a specified deviation range.

IPA may withdraw gigaAsset from the pool if the following requirements are met:

• Withdrawals are not paused

• gigaAsset price is below 1.0 (in relation to the underlying) or has been consistently below 1.0 over a specified period defined by a protocol.

• Price consistency check: the current AMM state price and oracle price of the synthetic must be within a specified deviation range.

Another notable IPA is designed to support pools in external lending protocols. It manages the supply of gigaAssets deployed to lending pools and adjusts the interest rate curve to indirectly incentivize or discourage demand for gigaAssets. This IPA can withdraw funds from the pools to increase liquidity utilization (and interest rates, respectively) or supply additional gigaAssets to lower utilization and stabilize rates as needed.

Here, we focus on risks related to the protocol's technology stack and its potential vulnerabilities. The key pillars of defense against these risks are infrastructure redundancy and a rigorous approach to cybersecurity. Let’s explore how Enjoyoors prepares to address these challenges.

Auction step-by-step:

1. The Target Protocol generates rewards and sends them to Rewards Treasury.

2. The Rewards Treasury emits the corresponding event.

3. The Relayer reads the event from Rewards Treasury.

4. The reaches consensus.

5. The broadcasts signed transaction to the .

6. The Participant starts an auction.

7. The Participant makes a bid for opene lots.

8. The chooses the auction winner.

9. The Participant receives rewards voucher for winning the auction.

10. The issues rewards voucher for the winner (Participant).

11. The sends a portion (determined by Governance) to .

12. The sends to . These funds are distributed to the depositors as rewards for their participation.

13. The Winner (Participant) redeems rewards by using rewards voucher from .

Another important aspect of capital and risk management involves establishing rules for gigaAsset deployment, which define target weights for gigaAsset allocations across specific types of DeFi protocols. Adhering to the risk framework, these weights prioritize exposure to more established, lower-risk protocols while minimizing potential risks associated with less familiar or higher-risk ones. The general categories of protocols Enjoyoors works with are shown below:

The initial distribution of weights is intentionally conservative. These numbers are subject to change based on risk assessment and governance decisions in the future.

Current distribution weights will be most frequently affected by the increase in synthetic supply (due to liquidity entering the protocol) or the decrease in synthetic supply (due to de-risking or liquidity exiting the protocol).